Capped Head $2.50 Quarter Eagle

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Capped Head $2.50 Quarter Eagle

Capped Head $2.50 Quarter Eagle

Early gold quarter eagles a collecting challenge Collectors of United States gold coins are usually known to have deep pockets and a strong will. The need for deep pockets is due to the high cost involved with collecting gold coins, either by type or date and ...READ MORE

Capped Head $2.50 Quarter Eagle

Capped Head $2.50 Quarter Eagle

Early gold quarter eagles a collecting challenge
Collectors of United States gold coins are usually known to have
deep pockets and a strong will. The need for deep pockets is due to the
high cost involved with collecting gold coins, either by type or date
and Mint. A strong will is very necessary because, often, collectors
must be extremely patient in their quest to buy a rare date. Consider
the early gold $2.50 quarter eagles. The early quarter eagles, dated
from 1796 to 1834, do not make frequent appearances on the market. For
some dates, appearances on the market may be several years apart.
All early quarter eagles were struck at the Philadelphia Mint. When
it comes to collecting the early $2.50 quarter eagle series, the first
date, 1796, begins with a bang! The 1796 is not only an extremely scarce
and valuable coin, but it is available in two distinct subtypes. The
first subtype is the Capped Bust, No Stars obverse; the second is the
Capped Bust, Stars obverse. Stars are also found on the remainder of
the dates in the series. Both subtypes of 1796 are practically
unavailable in Mint State condition. Even though circulated specimens
infrequently appear at public auction, be prepared to pay dearly to
obtain even a Fine 12 condition example. The 1796 Capped Bust, No
Star coin also holds a unique distinction according to Walter Breen. In
his book Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins
, he wrote: "It is the first precious-metal coin without stars
issued for circulation by the USA prior to 1836; it is the first ever to
show the heraldic eagle, which would become standard on all silver and
gold denominations 1798-1807; and, it is the earliest made showing 16
reverse stars honoring Tennessee's admission." The Capped Bust,
facing right, design was struck from 1796 to 1807. Don't let its short
number of examples fool you because it is full of challenge and
rarities. Even though only 11 coins are needed to complete this segment
of the series, these 11 coins are not only expensive but next to
impossible to locate. While most of these dates are quite expensive
and generally unavailable in Uncirculated, the 1804 13 Stars and 1806/4
varieties are major obstacles for collectors. If you are lucky enough to
find an 1804 13 Stars quarter eagle in About Uncirculated 58, the price
tag would approach $225,000. The date 1808 is a type collector's
nightmare. That's because it is a one-year type and a major rarity. This
type is a Capped Draped Bust with Liberty facing left. A Very Fine 20
coin will cost approximately $50,000. Breen wrote: "But even in
worn condition, this date has always been subject to unusual demand,
much of it representing pressure from type collectors who want one of
each major design. Many survivors have accordingly spent decades in
museums, estates, or permanent collections; any that show up at auction
will attract fierce competition." The Capped Head design began
in 1821, and in 1829 the Mint reduced the diameter of the quarter eagle.
The Capped Head design is probably the most affordable of all the early
$2.50 quarter eagles. But affordability is relative and Mint State
examples are still priced at $35,000 plus. The date 1826 is a most
difficult one for collectors to obtain. According to gold expert David
W. Akers in his book United States Gold Coins An Analysis of Auction
Records Volume II Quarter Eagles 1796-1929
: "The 1826 is the lowest mintage date of this type and also one of
the lowest mintage dates in the entire quarter eagle series."
The modified Capped Head design was created by William Kneass (a local
engraver of bank note plates, replacement for Robert Scot, who died in
1823). Kneass' design was used from 1829 to 1834. The dates from 1829
to 1833 are generally considered evenly scarce. The dates 1832 and 1833
are more rare in Uncirculated. Still, as a group, this series of coins
is available for collectors to obtain. The last year of the Capped
Head quarter eagles and the last year of the early quarter eagles is
much like the first year: yet another major challenge for collectors.
The date 1834 is a transitional date. Besides being the last year of the
Capped Head type, it is the first year for the Classic Head design. The
1834 Capped Head quarter eagle is a major rarity and usually unavailable
in any grade. Specimens do appear on the market in circulated condition
and that's when one must seize the opportunity and acquire it. Easier
said than done, especially when other knowledgeable collectors have the
same idea. Why is this date so unobtainable to collectors considering
that its mintage of 4,000 closely resembles the other mintages for the
small-size Capped Head design? The answer can be found in Akers:
"The Mint Act of June 28, 1834, significantly reduced the gold
content for quarter eagles and half eagles and, therefore, it is
probable that the vast majority of the 4,000 minted were melted and
never released. This is definitely one of the half dozen or so rarest
quarter eagles. ..."

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LIBERTY CAP RIGHT HALF CENT

THE SMALLEST DENOMINATION

Although it may seem unusual today, the United States government once issued a coin worth less than one cent: the half cent. The copper U.S. half cent was authorized for production on April 2, 1792. During its 64-year lifespan as a circulating denomination, five different basic design types of the tiny (0.93-inch) coin were struck. The coins were struck at the Philadelphia Mint and do not have a Mint mark. The half cent's designers and engravers are among the best known names in U.S. Mint design/engraving history: Adam Eckfeldt, Robert Scot, John Gardner, Gilbert Stuart, John Reich and Christian Gobrecht. Designs for the half cent were also used on other denominations through the years. The 1793 Liberty Cap half cent features a lettered edge stating TWO HUNDRED FOR A DOLLAR. The obverse depicts a bust of Liberty with flowing hair, facing left. A Liberty Cap on a pole rests on her right shoulder giving the design its name, the Liberty Cap. The design for the Liberty Cap half cent was based on Agustin Dupre's Libertas Americana medal. Half cents struck between 1794 and 1797 bear another Liberty Cap design, this one facing right, and issued in Plain Edge, Lettered Edge and Gripped Edge varieties. From 1800 to 1808 the Draped Bust design was used on half cents. All half cents bearing those dates are Plain Edge varieties. The Classic Head design was used on half cents struck between 1809-1836. From 1849 to 1857, a Coronet design with Plain Edge was used. All half cents have a wreath on the reverse. The key dates in the series are 1793; 1796, No Pole; 1802/0, Reverse of 1800; and 1831.